The Following Data Are Estimates Describing Ireland?s Economy in 2006

question 108

Multiple Choice

The following data are estimates describing Ireland?s economy in 2006 and 2007 in millions of euros, in constant prices) : $$\begin{array} { l l l } & { \mathbf { 2 0 0 6 } } & \mathbf { 2 0 0 7 } \\\text { Consumption } & 84,000 & 89,000 \\\text { Government expenditure } & 24,000 & 26,000 \\\text { Investment } & 48,000 & 48,000 \\\text { Exports } & 142,000 & 151,000 \\\text { Imports } & 123,000 & 128,000 \\\text { Subsidies } & 1,800 & 1,900 \\\text { Taxes } & 500 & 500\end{array}$$ Which of the following is true regarding Ireland?s economy?

• A) GDP decreased from 2006 to 2007.
• B) Net exports decreased from 2006 to 2007.
• C) The change in GDP from 2006 to 2007 represented a peak in the business cycle.
• D) Consumption was 48 percent of Ireland?s GDP in 2007.

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Definitions:

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